A magnetic core has a structure in which Fe-based soft magnetic alloy particles are connected via a grain boundary. The Fe-based soft magnetic alloy particles contain Al, Cr and Si. An oxide layer containing at least Fe, Al, Cr and Si is formed at the grain boundary that connects the neighboring Fe-based soft magnetic alloy particles. The oxide layer contains an amount of Al larger than that in Fe-based soft magnetic alloy particles, and includes a first region in which the ratio of Al is higher than the ratio of each of Fe, Cr and Si to the sum of Fe, Cr, Al and Si, and a second region in which the ratio of Fe is higher than the ratio of each of Al, Cr and Si to the sum of Fe, Cr, Al and Si. The first region is on the Fe-based soft magnetic alloy particle side.